OJSC DemirBank for the first half 2012 net profit after tax of 2.35 million manat, which is 2.5 times more than the figure recorded a year earlier. The bank's earnings were equal to 24.65 million manat and the expenditures were 22.31 million manat, increasing by 10% and 4.7%.
The assets increased in January-June, up 12.9% to 403.79 million manat. The volume of issued and corporate loans grew by 8.5% and amounted to 272.77 million manat.
The total liabilities of the bank increased from 312.78 million to 356.75 million manat. The deposit portfolio increased by 10.2% to 163.63 million manat, including term client investments that increased by 13.5% to 118.62 million manat.
The balance capital grew by 4.9% to 47.05 million manat, and the total capital - by 3.2% to 51.53 million manat. The paid authorized capital remained at the level of AZN 21 million. - 15B-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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